Bitcoin dominance climbs above 70%, raising worries about altcoins

Bitcoin strengthened its dominance over the
cryptocurrency market, as its percentage of the total market capitalization
rose above 70 percent, raising concerns about the future of altcoins.

According to the data showed by the main
monitoring provider CoinMarketCap, that Bitcoin has the most of total
cryptocurrency market cap with 70.5 percent, as of 3rd of September.

As of 10:29 GMT, the Bitcoin rose more than five
percent at $10,356, Ethereum move in the same direction to increase more than
two percent at $176, while Ripple and Litecoin rose more than one percent and
two percent, respectively.

As Bitcoin makes gains versus altcoins, where
they continued to show poor performance, which have led to warnings from
traders and analysts.

The dominance of the biggest digital currency
has been on the rise since the beginning of the year, escalating gradually and
confidently from 51.6 percent on January 1, 2019.

The Bitcoin lost 4.43 in August, extending its drop
for a second month in a row, but the fall was rather the least among the top cryptocurrencies,
as the Litecoin (LTC) and Stellar (XLM) experienced sharp declines of -34
percent and -25 percent respectively.

Meanwhile, other cryptocurrencies failed to
increase more than 4 percent, which is in Bitcoin term considered as a loss in
their value.

RT Max Keiser, who again claimed this week that
altcoins would never recover from this contraction.

But some of the traders cautioned about putting
confidence in the power of Bitcoin, as they argued that market value is a poor
measure in terms of performance, as it contains many altcoins that do not have
any trading volume.

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